Income tax reurn filling
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 August 2011
Dear Sir,
if i am in a profession of account writing as well as LIC Agent. At the time of return filling there were a special provision for LIC commission received. instead of utilizing this provision may i show my commission income as well as expenditure into profit & loss account or it is mandatory to show in the special provision manner.
kindly guide me.
Thanks n Regards,
if i am in a profession of account writing as well as LIC Agent. At the time of return filling there were a special provision for LIC commission received. instead of utilizing this provision may i show my commission income as well as expenditure into profit & loss account or it is mandatory to show in the special provision manner.
kindly guide me.
Thanks n Regards,
16 August 2011
If you want to claim more expenditure on commission income then prescribed in special provisions, the same may be disallowed. LIC Agents can not substantiate the expenditure incurred as far as I know, so where ever special provisions are there, one has to take advantage of that. In case your LIC commission income exceeds Rs. 60000/- , you have to go through P&L A/c Method.
Further, option to show LIC Commission income U/s 44AD may also be thought for.
Further, option to show LIC Commission income U/s 44AD may also be thought for.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- TDS Challan Code
- SGST balance is there in credit ledger how to adjust for cgst
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
